Also known as “auto loans” or “car title loans”, title loans are when borrowers can use their car as collateral to borrow money. The loan amount you are given in exchange for the title is based off of the value of the vehicle. This type of secured loan means giving over the title of your vehicle to a lender in exchange for a cash loan, although you can still access and drive your vehicle. The borrowed amount is usually meant to be repaid within 30 days.
When you hand over the title and your photo ID, the lender will evaluate your vehicle to offer you a cash value for it’s worth. Then in some states they will perform a credit check to ensure you are suitable. If they are satisfied with your application, they will let you know the terms and conditions and repayment details and then you can sign the loan agreement.
Title loan lenders are open to customers of all credit scores, even if you have a bad credit score you may be able to get a car title loan.
Many lenders can give a loan approval in as little as an hour, as soon as they have evaluated your vehicle and approved you application, they can offer you your cash.
Instead of going through the lengthy process of selling your vehicle you can simply use an auto loan as a quick cash advance until payday
Like many short term loans, cash title loans can come with a very high interest rate, so the amount to repay at the end of the loan term can be high.
Because you are using your car, truck or motorcycle as collateral, if you default on the loan the lender has the right to claim your vehicle and sell it to reclaim their money.
Many lenders have inflexible terms to repay the loan, requiring you to pay off the loan in 30 days.
Searching for the best payday lender can be time consuming and stressful. Your short term credit could be only two applications away.
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